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This paper tests the political economy theory of the resource curse of the Iranian economy over the period 1984–2017. We find that natural resources dependence is harmful to economic development only if rent seeking activities exceed a minimum threshold. Empirical findings – based on Partial Least Square – Structural Equation Modelling approach – validate the hypothesis that institutions are decisive for the resource curse. According to our estimates, since 2012, rent seeking has surpassed this threshold, therefore, the ‘resource curse’ applies.

Natural resources, rent seeking and economic development. An analysis of the resource curse hypothesis for Iran